Classify your nonprofit’s workers correctly — or risk repercussions
Many not-for-profits are understaffed in 2022, thanks to a labor shortage and pandemic-related budget shortfalls. Some organizations are filling the gaps with freelancers and contractors.
Getting started with reports in QuickBooks Online
You should be running reports in QuickBooks Online on a weekly—if not daily—basis. Here’s what you need to know.
Timing counts: Reporting subsequent events
Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized.
Power up your trust with Crummey powers
The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for many families, estate tax liability isn’t a factor.
Eyes on related parties
Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates.
A beneficiary designation or joint title can override your will
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children.
Conflict-of-interest policies are too important for nonprofits to neglect
To ensure your nonprofit remains well-regarded by the public and donors, you need to closely monitor its ethical standards. This includes writing — and actively adhering to — a strong conflict-of-interest policy. Contact the nonprofit advisors at SEK for more information.
Business owners, lean into sales staff retention
Although there have been some positive signs for the U.S.
Does your business barter? Here are some facts you should know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses.
Are you ready for the new disclosure requirements for government assistance?
Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules.